Long-Term Care Planning: How to Get Started Now

Whether you are 40, 50, 60, or any age above or below, long-term care planning is crucial in order to make for smooth sailing in your Golden Years. According to the Association for Long Term Care Planning, 70 percent of those age 65 and older will need some type of long-term care. Planning for long-term care will help you reduce the likelihood of needing it and also assist you financially should the need arise.

Preparing for Long-Term Care

Prep Your Body for Healthy Aging

You already know aging brings plenty of changes both physically and mentally, but this isn’t a fate you are doomed to. Taking care of yourself now can lessen the effects of aging on your mind and body, enabling you to better care for yourself independently as opposed to needing pricey long-term care. For example, diets full of sugar and carbs may taste good, but it puts you at risk for heart attack, diabetes, and obesity, which bring with them various other health complications. Even simple activities like getting enough sleep can improve memory and cognitive functioning.

Make Aging in Place a Priority

Living in your home as long as possible, referred to as aging in place, could reduce the chance that you need long-term care and save you money too. In a four-year research analysis of aging in place conducted by the University of Missouri, “Costs for living and health care never approached the costs for nursing homes and assisted-living services,” and many subjects had better physical and mental health. Once the woes of aging start making themselves known, look for ways to correct them. This could mean installing grab bars in the bathroom for better mobility, hiring help with the chores to avoid falls and injury, or using a life alert service for peace of mind.

Paying for Long-Term Care

Medicare and Long-Term Care

Most seniors age 65 and older have Medicare, but you may be surprised to learn that its ability to cover long-term care is extremely limited. Medicare will not pay for assisted living and adult day care, and will only offer short-term financial assistance for nursing home stays (full coverage for 20 days and 80 percent coverage for an additional 80 days.) However, this doesn’t mean Medicare isn’t extremely helpful. Medicare Advantage Plans help cover the costs of important health care services such as vision, hearing, dental, and prescription. Plans differ by state, so be sure to do your homework to find the coverage you need.

Consider a Reverse Mortgage

Your home is most likely your greatest asset, which means it can be helpful in securing funds to pay for long-term care. There are various types of reverse mortgages, but the safest route is a Home Equity Reverse Mortgage (HECM). It is insured by the government via the Federal Housing Administration (FHA) and requires that you attend an information session with a loan counselor to ensure this is the safest and most logical route for you. An HECM loan also doesn’t have any restrictions, meaning you can use the payments you receive to pay for whatever you like such as long-term care, aging-in-place renovations, or medical expenses. Reverse mortgages are complex, and Consumers Advocate warns that it’s important for you to consider the pros and cons and shop around for the best and most trustworthy lender.

Look Into Long-Term Care Insurance

You don’t know what the future holds, but long-term care insurance can make sure you are prepared for whatever the future brings. If this is a route you are considering, it is best to purchase coverage now to get the best deal as opposed to when you are older or in poor health. You also need to consider your ability to pay premiums, and whether or not family member assistance and savings can reduce the amount of coverage you will need. Be sure to compare policies and read all the fine print, and consider seeking the advice of a financial advisor.

The need for long-term care can arrive gradually or suddenly, so are you prepared? Address your current and future needs now, as well as start assessing your financial ability to pay for long-term care. You can’t predict the future, but you can plan ahead.

This article is written by June Duncan.June is the co-creator of Rise Up for Caregivers, which offers support for family members and friends who have taken on the responsibility of caring for their loved ones. She is author of the upcoming book, The Complete Guide to Caregiving: A Daily Companion for New Senior Caregivers.

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Bruce Gardner

Owner/ Agent

Meet Bruce

For over 25 years, Bruce has been in the business of assisting and explaining insurance coverage. He has stayed in the industry so long because he enjoys what he does and his knowledge and experience makes it easy for him to talk about insurance. He prides his business on providing people with the correct coverage and helping them understand what they have.

“I hope people understand we want to do a good job for them. We put the client first, and we work to make sure you are correctly covered.”

Besides the insurance business, Bruce also enjoys family time, like playing soccer with his son, William. His wife works at W&L in the Athletic Department as the men’s and women’s swimming coach. She teaches swimming and Red Cross lifeguard training too.

“We enjoy playing golf, kickball, and basketball, our two dogs, Daisy and Duke, and our latest project of building a tree house this summer.”

Bruce and his family also enjoy Disney World and welcome questions from anyone about planning a Disney vacation.

Candy Camden

Meet Candy

Candy was born and raised right here in Rockbridge County, Virginia. She values sharing her insurance knowledge with her clients so they understand what their policy really means.

“I love to work with my clients to make sure they have proper insurance coverage and to save them money.”

In her time outside the office, Candy coaches volleyball at Maury River Middle School and Rockbridge Junior Olympics. She believes in giving back to the community and teaching children to work for what they get. So through her work with volleyball, she has been involved in several fundraising events to benefit local people in need.

Stephanie Petty

Insurance Agent

Meet Stephanie

Becoming an insurance agent was a natural progression for her from working as a receptionist in an insurance agency to getting her license, being promoted to sales and service, and finally starting her own book of business. With over 20 years of experience, her clients trust her and know she always has their best interests in mind.

“I provide my clients with information and guidance that will benefit them for life, not just right now.”

Although she is thankful for the stability and longevity of her career, Stephanie’s family is most important in her life. Camping with her husband is a regular and cherished activity, and her three children are homeschooled. She is guided by faith and love to discuss theology and enjoys the subjects of science, history, law, and politics.

Stephanie is also an avid gardener and find working in my vegetable and flower gardens to be very relaxing and rewarding. Her family loves animals and has four cats, two dogs, and around 40 chickens.

Robin Heizer-Farris

Insurance Agent

Meet Robin

Robin is a Rockbridge County native, born and raised. She really knows the area, the people, and the lifestyle, plus she has backgrounds in real estate, finance, insurance and building (her father was a developer and her husband is a contractor).

“I think I can bring a lot to the table with my professional experience and back it up with a knowledgeable staff and great, long-trusted company.”

Outside of insurance and her Blue Ridge Properties Real Estate Magazine, Robin and her husband, who is also a local well-respected painting contractor and great deer hunter, attend and watch a lot of football games. Their youngest son played football at Virginia Tech and is trying to go pro, so they’re very involved in that process. She also works out regularly and is a member of the YMCA.